By Chelle Delaney: Quay County Sun
If less is more, then the Quay County Gaming Authority is betting that giving up 4 percent of its interest in a proposed race track and casino will bring profits of a different kind in the future.
The authority agreed on Thursday to give up 4 percent of its 9 percent ownership to major investors in a proposed “racino” in Tucumcari.
The authority’s proposal for a “racino” gained the interest earlier this year of a major investor, Don Chalmers of Rio Rancho, and others who are putting together an application to present to the state’s racing commission.
Coronado Partners, of which Chalmers is the majority owner, had requested the additional interest to open up ownership to additional investors, said Warren Frost, executive director of the authority.
“It appears that we have to give up a portion of the ownership to strengthen our application,” Frost said.
“I think it’s (the proposed racino) a great benefit even if we don’t get anything,” said Larry Wallin, manager of the Village of Logan.
The authority started out as 100 percent owner and gave up 91 percent ownership to investors and is now at 5 percent.
Frost said that the investors were putting their money into processing and